Texas Tech Announces TRIP Funds
Private gifts totaling $24.3 million eligible for Texas Research Incentive Program matching grant.
Written by Sally Logue Post
The TRIP grant will help to improve academic programs and provide additional research at Texas Tech University. (L-R) Chancellor Kent Hance; Kelly Overley, vice chancellor for Institutional Advancement; Texas State Sen. Robert Duncan; President Guy Bailey.
Texas Tech University has received private gifts totaling $24.3 million that are eligible for the Texas Research Incentive Program (TRIP). The fully matched potential of these gifts is $21.5 million. The 28 gifts are from 20 individuals and eight corporations and foundations.
“We are thankful to everyone for their support of Texas Tech University and our goal of becoming the state’s next national research university,” said Chancellor Kent Hance. “The fact that the fund is oversubscribed for 2010 as of today shows that this is good for all seven emerging research universities and will be extremely beneficial for the state of Texas.”
The TRIP fund was created in the recently enacted HB 51, which sets out criteria and funding mechanisms for the seven designated emerging research universities to achieve national research university or Tier One status.
“The money from TRIP will enable us to improve the quality of academic programs and to provide additional research that impacts the daily lives of Texans and people around the world,” said President Guy Bailey. This investment in Texas will bring about ideas that fuel the economy and allow us to continue to ensure a bright future for our state.”
TRIP provides $25 million each year for the next two years to match private gifts raised by the universities. Any gifts not matched in 2010 will roll over to 2011 for matching. The gifts may go toward endowed chairs, professorships, facilities, equipment, program costs, or graduate student stipends or fellowships.
All gifts deposited by the seven universities on Sept, 1 are eligible for TRIP and will be considered by the Higher Education Coordinating Board in a block. Final award regarding the match should be determined by the end of October for 2010.
Press Conference Videos
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Chancellor Kent Hance
President Guy Bailey
Texas State Senator
How Do the Matching TRIP Funds Work?
The TRIP matching grants will be determined according to the following rates:
- 50 percent of the amount of the gifts and endowments between $100,000 and $999,999
- 75 percent of the amount of the gifts and endowments between $1 million and $1,999,999
- Or 100 percent of the amount of the gifts and endowments between $2 million and $10 million. Gifts larger than $10 million will be matched up to $10 million
Photo by Artie Limmer